Once considered an outer suburb attracting first and second home buyers, median values in Vermont South are now $695,000 – or 24 per cent above the metropolitan average ($560,000), according to annualised REIV research.
Compare this to just ten years ago when Vermont South’s median house value of $310,000 was roughly aligned with the then-$300,000 metropolitan average.
Recently, a home in Weeden Drive, directly overlooking Pin Oak Court sold for $630,000. A little further up the street, a double-storey home recently sold for about $740,000.
The pocket of Vermont South where Pin Oak Court is located is desirable within the suburb being at the border of Burwood East and Glen Waverley, which has a train station. Gentrification, population and construction of the Eastlink tollway nearby contributed to Vermont South’s median house value surging beyond the metro average in recent years, according to local agents.